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WTI Options Liquidity During Non-U.S. Hours

Highlights:

  • Over 80% of WTI Options (LO) have traded electronically for almost 3 years straight
  • LO volume continues to be driven by spread trading—a record 59% of LO volume was executed via spreads in March 2020
  • A record 21% of WTI Options are being traded overnight YTD in 2020 with ETH ADV at 31k
  • LO ADV traded during London Morning Hours is at 21k YTD, with a record 14% of total ADV executed during this time frame each day

New Expiration Rules for Brent Options

Highlights:

Brent Crude Oil options (BZO) will be auto-exercised with no contrary instructions allowed beginning with the March 2020 contract expiration on NYMEX. The new options expirations rules allow a simpler and more transparent expiration process for traders hedging the volatile crude oil market.

For More Information:    

Clearing CME Globex Floor CME ClearPort Product Name Subgroup Exchange Volume Open Interest
LO LO - LO Crude Oil Option Crude Oil NYMEX 116,265 1,829,666
LN LNE - LN Natural Gas Option (European) Natural Gas NYMEX 59,276 2,454,538
6J A6J - 6J Natural Gas Calendar Strip Option Natural Gas NYMEX 5,200 35,704
7A B7A - 7A Light Sweet Crude Oil (WTI) Financial 1 Month Spread Option Crude Oil NYMEX 4,750 274,725
AO AAO - AO WTI Average Price Option Crude Oil NYMEX 4,140 263,684
LO3 LO3 - LO3 Crude Oil Weekly Options - Week 3 Crude Oil NYMEX 3,965 0
LO4 LO4 - LO4 Crude Oil Weekly Options - Week 4 Crude Oil NYMEX 3,394 10,958
LC LCE - LC Light Sweet Crude Oil European Financial Option Crude Oil NYMEX 3,000 20,454
ON ON - ON Natural Gas Option (American) Natural Gas NYMEX 1,199 58,412
BV ABV - BV WTI-Brent Crude Oil Spread Option Crude Oil NYMEX 600 196,030
Trade Date: 18 Jun 2021 | PRELIMINARY

Note: Volume and Open Interest data is from the previous trade date. Preliminary data updates at approximately 9:00 p.m. CT and the final update is at 10:00 a.m. CT next business day.

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